PENSION funds ended last year on a high after a number of months of falls. Managed funds were up 1.1pc in December, according to figures released by Rubicon Investment Consulting.

Merrion Investment Managers was the best-performing manager, with a return of 2.4pc last month. Over the last three years managed pension funds had average gains of 7pc.

ComReg chief gets UK position

CHAIRMAN of the communications regulator ComReg, Alex Chisholm, has been appointed chief executive of the UK Competition and Markets Authority.

Mr Chisholm was appointed to ComReg in 2007 and has served as its chairman for over three years.

Fewer are saving for a rainy day

THERE has been a fall in the number of people who are saving, as more people use their nest eggs to fund their day-to-day expenses, new research from EBS shows. It found that 78pc of people are saving, but this is down 6pc since last summer, EBS said.

On average, the annual amount saved is €3,303. This is up from the amount saved in the same period last year. Most people said they were saving to fund a large purchase.

Neighbourhood gets Google wi-fi

Google and a New York redevelopment organisation are providing a Manhattan neighbourhood with free public wi-fi internet access, making it the largest area of coverage in New York City.

The search giant and the non-profit Chelsea Improvement Co are making internet access available outdoors in Chelsea, which is home to Google's New York offices and several technology start-ups. The neighbourhood is also home to many students and residents of housing projects.

Youth joblessness hits 37pc in Italy

ITALY'S jobless rate remained at a record high in November, while youth unemployment jumped to a new peak above 37pc, new figures show. Italy has been in a deep recession since 2011 and unemployment has risen steadily.

Unemployment was stable in November at October's record high of 11.1pc, national statistics institute ISTAT reported. The plight of the unemployed and young people will be a crunch issue at the forthcoming general election.